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Peerplays (PPY)

Correlation

0.11

Influence

1.21%

Bitcoin and Peerplays Correlation

Does Peerplays depend on Bitcoin? According to the correlation analysis, BTC and PPY have no or negligible relationship. The correlation coefficient of their prices is 0.11, which was estimated based on the last 100-days' price fluctuations of both currencies.

This coefficient may vary from -1 to 1, where -1 is the strongest negative correlation, 0 is no correlation at all and 1 is the strongest positive correlation.

The negative coefficient shows that the prices of the cryptocurrencies are moving in the reversed direction while the positive coefficient points that the prices are moving in the identical trend. For example, if Bitcoin and Peerplays connection is positively strong, it means that when BTC is growing PPY will grow as well. The negative strong relation will show that when BTC is growing PPY value will be in contrary decreasing.

The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over Peerplays. If we take all the things affecting the price of PPY as 100%, then the share of BTC price among these factors will be 1.21%. The other part which is 98.79% covers all the other circumstances, such as media, events or crypto related laws.